Fitch cuts Ek-Chai debentures to negative

Fitch Ratings Thailand) Ltd. said it has revised the outlook of Ek-Chai Distribution System Co. Ltd.'s guaranteed debentures due 2015 to negative from stable and affirmed the national long-term rating on the debentures at AA+(tha).

The outlook revision follows the agency's change to Tesco plc's outlook to negative from stable and affirmation of Tesco's long-term issuer default rating at BBB+, the agency noted.

The rating of Ek-Chai's guaranteed debentures is based on the full and irrevocable guarantee provided by Tesco, a majority shareholder of Ek-Chai.

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